3M and several U.S. cities tentatively agreed to a settlement worth at least $10 billion over water pollution claims involving so-called forever chemicals, Bloomberg reported Friday—a deal that has bumped the company’s stock and allowed it to possibly avoid appearing in federal court.
The 3M China North Technical Center is seen on August 22, 2021 in Beijing, China. (Photo by Huang ... [+]
The settlement could help the company steer clear of the federal court trial planned for June 5 in Charleston, South Carolina, according to Bloomberg, which cited anonymous sources familiar with the arrangement.
The company’s stock rose more than 8% in intraday trading Friday, topping $100 a share as of midday—though the share price has dropped more than 30% in the past year.
The potential agreement would require board approval.
3M did not immediately respond to a request for comment from Forbes.
3M is the largest producer of per-and polyfluoroalkyl substances (PFAS), commonly known as forever chemicals. The chemicals, which use strong carbon-fluorine bonds to avoid breaking down, can contaminate water and impact the health and immune system of those who digest them. Forever chemicals have been linked to a litany of health issues including various cancers, decreased fertility, developmental defects, natural hormone interference and more. The chemicals are found in everyday items such as non-stick pans, food packaging and personal care products, among others. Last year, 3M said it plans to terminate its use of forever chemicals by 2025.
If approved, the 3M deal would occur soon after another forever chemicals pollution settlement announced Friday involving DuPont de Nemours Inc., Chemours Co. and DuPont spinoff Corteva Inc. The companies agreed to pay $1.2 billion to resolve pollution claims filed by cities and local water agencies.
3M Is in at Least $10 Billion Forever-Chemicals Pollution Settlement (Bloomberg)
3M firefighting foam lawsuit set for trial Monday as three other companies make $1.2B settlement (Bloomberg via Star Tribune)